Swedish startup Kronaby could be in trouble after its parent company Anima filed for bankruptcy leaving the future of the hybrid smartwatch maker in doubt.

According to WatchPro, Kronaby’s CEO Pål Borge is working hard to find new investors but the company is continuing to trade. “Our employees are still coming to work, fulfilling orders from our ecommerce site and speaking to our dealers,” Borge said.

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It appears that one of Anima’s big backers in China is no longer putting its money into the loss-making company, which inevitably has an impact on its smartwatch business.

Kronaby has been a firm favourite here at Wareable since it unveiled its first range of stylish hybrid smartwatches in 2017 that added innovative smarts in a really discreet way. Since then, it’s focused on adding new models and smarts including payment straps with plans to add those payment features directly inside of the watch.

In our Kronaby review we praised the pricey hybrid for its stylish look, useful smartwatch features and well-designed companion app. Its presence in our Fashion Tech of the Year category at the Wareable Tech Awards shows how highly we thought about its hybrids.

This doesn’t sound good though. With its parent company seemingly not making profit and Borge suggesting any new investor would not be expected to take on the debt, this could well be the end of the line for Kronaby.

We’ve asked Kronaby for an official comment on the latest to get a better idea if those hybrids will keep rolling out.

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Kronaby's hybrid dream could be over as startup files for bankruptcy